Canadian real estate prices break record

Home prices in Canada's major markets set a new monthly record for May, and sales continued at a brisk pace, according to The Canadian Real Estate Association. The major market MLS residential average price rose 12.9 percent year-over-year to $248,738, its fifth consecutive double-digit increase and the third consecutive month in which it set a new monthly record. The MLSresidential average price set a new monthly record in a number of major markets, including Edmonton, Toronto, Ottawa and Montreal. Canada's major-market home sales in May via the Multiple Listing Service totaled 27,559 units on a seasonally adjusted basis, their fifth highest level on record, the association reported. Sales for the first five months of the year continued to surpass all previous year-to-date records in a number of major markets, including Vancouver, Calgary, Edmonton, Toronto and Saint John. The number of sellers also increased, with seasonally adjusted new listings having jumped 5.2 percent to 4...